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Car Insurance and Your Credit Score Bassett VA

Your credit score is used by car insurance companies to determine what you pay. It's important to know your score before you shop for insurance. It's easily possible that someone who has never had an accident and never filed a claim could pay up to three times as much for insurance as another similar customer with an identical vehicle โ€” because of differences in credit scores.

Allstate Auto Insurance
(888) 355-7971
147 Franklin St
Rocky Mount, VA
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Insurance Companies
(276) 647-8769
518 Virginia Avenue # B
Collinsville, VA
 
Larry Roach & Associates Insurance Services Inc
(276) 629-7283
46 Floyd Henley Road
Fieldale, VA
 
Burch Hodges-Stone Inc
(276) 632-2161
231 East Church Street Suite 3
Martinsville, VA
 
Allstate Insurance - Stuart L. Thomas
(276) 632-1000
101 Cleveland Ave Ste 2
Martinsville, VA
 
Dillon Insurance Agency
(276) 629-5304
2611 Riverside Dr
Bassett, VA
 
Nationwide Insurance Company
(276) 647-3666
Collinsville Shoppin
Collinsville, VA
 
Jim McMillan Insurance
(276) 647-1465
4940 Kings Mountain Road
Collinsville, VA
 
Roy L. Thomas Agency
(276) 632-9746
711 Starling Ave
Martinsville, VA
 
E. Bradford Parker Agency
(276) 632-5200
1103 Brookdale St Ste B
Martinsville, VA
 

Car Insurance and Your Credit Score

Many car insurance companies now use your credit score to determine what you pay. Why? Because they say studies show that customers with poor credit histories are more likely to be in accidents and file claims. They claim that customers with bad scores are higher risks and it's only fair that those customers pay more for their policies.

Insurance regulations in many states now allow this practice, although regulatory administrators admit they don't understand the connection between credit scores and car accident claims.

It's easily possible that someone who has never had an accident and never filed a claim could pay up to three times as much for insurance as another similar customer with an identical vehicle โ€” because of differences in credit scores.

How does it work?
Insurance companies use a secret formula to calculate a customer's "insurance score" that is not quite the same as the more familiar FICO score from credit reporting agencies such as , Transunion, and Experian. Although the score itself may be different, the end result will nearly always be the same. If a customer has a poor FICO score, he'll almost certainly have a poor insurance score.

Companies such as Allstate charge poor-credit customers as much as three times the rate for customers with excellent credit. In fact, credit history is becoming one of the major factors, if not the major factor, in determining insurance rates.

Insurance companies want ...

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